"Anytime a facility that, logistically, is in one of the best places for a conference center gets sold to a company that's willing to invest a substantial amount of dollars into it, that's a good thing for the city,'' Bull said.

Bull said it's his understanding that the new buyer would make a major investment in the hotel to refurbish its appearance in infrastructure.

"It's a facility with a huge amount of potential,'' said Mayor Mark Boughton. "With a little bit of investment, it could be a premier hotel.''